• Notable progress and https://newprosperitydevon.org fostering Devons future economic opportunities
• Supporting Local Businesses and Entrepreneurship
• The Role of Innovation Hubs
• Developing a Skilled Workforce
• Addressing Skills Gaps
• Investing in Infrastructure and Connectivity
• The Superfast Devon Project
• Promoting Devon as a Destination for Investment
• Fostering a Sustainable and Inclusive Economy

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Notable progress and https://newprosperitydevon.org fostering Devons future economic opportunities

Devon, a county steeped in history and renowned for its natural beauty, is now actively forging a path towards a more prosperous future, with initiatives spearheaded by organizations like New Prosperity Devon. Their work focuses on stimulating economic growth, supporting local businesses, and fostering innovation across the region. The organisation aims to address key challenges facing Devon’s economy while capitalizing on its unique strengths, including its thriving tourism sector, agricultural heritage, and increasingly vibrant tech industry. Understanding the crucial role of strategic development, New Prosperity Devon strives to connect businesses, communities, and policymakers to create a collaborative environment conducive to sustainable and inclusive growth. You can learn more about their efforts at https://newprosperitydevon.org.

The economic landscape of Devon is diverse, ranging from rural communities dependent on agriculture to bustling coastal towns reliant on tourism. This presents both opportunities and challenges. New Prosperity Devon recognises this complexity and adopts a nuanced approach, tailoring its support to the specific needs of different sectors and geographical areas. Investment in infrastructure, skills development, and digital connectivity are key priorities, alongside the promotion of Devon as an attractive location for businesses and investors. The goal is to create a resilient and dynamic economy that benefits all residents of Devon, ensuring a high quality of life for generations to come.

Supporting Local Businesses and Entrepreneurship

A cornerstone of New Prosperity Devon’s strategy is the unwavering support for local businesses and the nurturing of entrepreneurial spirit within the county. Recognizing that small and medium-sized enterprises (SMEs) are the backbone of the Devon economy, the organization provides a range of resources designed to help them thrive. These resources include access to funding opportunities, business mentoring programs, and workshops focused on key skills such as marketing, financial management, and digital literacy. The emphasis is on empowering business owners and equipping them with the tools they need to compete effectively in a global marketplace. Furthermore, New Prosperity Devon actively promotes ‘buy local’ campaigns, encouraging residents and visitors to support the diverse range of products and services offered by Devon-based businesses, strengthening the local economy from the ground up.

The Role of Innovation Hubs

To further foster entrepreneurship, New Prosperity Devon has invested in the creation of strategic innovation hubs throughout the county. These hubs serve as collaborative workspaces, providing start-ups and growing businesses with access to essential infrastructure, including high-speed internet, meeting rooms, and networking opportunities. They also act as centres of knowledge exchange, bringing together entrepreneurs, academics, and industry experts to share ideas and develop innovative solutions to local challenges. The hubs often host events such as pitch competitions, workshops, and seminars, creating a dynamic ecosystem that encourages risk-taking and creativity. This concentrated approach helps to cultivate a thriving entrepreneurial culture within Devon, attracting talent and investment into the region.

Year
Number of Businesses Supported
Investment Leveraged (GBP)

2021	150	£500,000
2022	220	£800,000
2023	280	£1,200,000

These figures demonstrate the growing impact of New Prosperity Devon's initiatives in bolstering the local business community and attracting significant investment into the region. The consistent increase in businesses supported highlights the effectiveness of their strategies and the growing confidence in Devon as a place to start and grow a business.

Developing a Skilled Workforce

Recognizing that a skilled workforce is essential for long-term economic prosperity, New Prosperity Devon places a significant emphasis on education and training. The organization works closely with schools, colleges, and universities across Devon to ensure that the curriculum is aligned with the needs of local employers. This collaboration involves the development of apprenticeship programs, vocational training courses, and degree apprenticeships that provide students with valuable practical experience and a clear pathway to employment. New Prosperity Devon also actively promotes lifelong learning, offering opportunities for adults to upskill and reskill, enabling them to adapt to the changing demands of the job market. This holistic approach to workforce development ensures that Devon has a talent pool capable of supporting its existing industries and attracting new investment.

Addressing Skills Gaps

A key focus of New Prosperity Devon’s workforce development initiatives is addressing identified skills gaps within the local economy. Through detailed labour market analysis, the organization identifies sectors where there is a shortage of qualified workers and develops targeted training programs to address these needs. These programs often incorporate input from industry leaders, ensuring that the skills being taught are relevant and in demand. Collaboration with employers is crucial, with businesses often offering placements and mentorship opportunities to students participating in these programs. This symbiotic relationship benefits both students, who gain valuable work experience, and employers, who have access to a pipeline of skilled talent. Focus areas currently include digital skills, engineering, healthcare, and environmental technologies.

• Improved access to apprenticeships for young people.
• Increased funding for vocational training programs.
• Stronger partnerships between education providers and employers.
• Promotion of STEM subjects in schools.
• Development of reskilling programs for adults.

These are just some of the key elements of New Prosperity Devon’s strategy to create a highly skilled and adaptable workforce capable of driving economic growth in the region. The organisation understands that continuous investment in human capital is paramount for long-term success.

Investing in Infrastructure and Connectivity

Robust infrastructure and reliable connectivity are fundamental to economic prosperity, and New Prosperity Devon is actively working to improve both across Devon. This includes advocating for investment in transportation networks, such as roads, railways, and public transport, to improve access to markets and reduce congestion. The organization also recognizes the crucial role of digital infrastructure, particularly high-speed broadband, in enabling businesses to thrive in the digital age. New Prosperity Devon is working to expand broadband coverage to rural areas, ensuring that all communities have access to the digital resources they need to compete. Furthermore, investment in renewable energy infrastructure is a key priority, supporting Devon’s commitment to sustainability and creating new opportunities in the green economy. Improved physical and digital connectivity is essential for attracting investment, supporting business growth, and improving the quality of life for Devon residents.

The Superfast Devon Project

A notable example of New Prosperity Devon’s commitment to infrastructure improvement is the Superfast Devon project, a partnership between Devon County Council and Connecting Devon and Somerset. This initiative has significantly expanded broadband coverage across the region, bringing high-speed internet access to thousands of homes and businesses. The project has involved the deployment of fibre optic cables to previously underserved areas, along with the use of innovative wireless technologies to reach remote locations. Superfast Devon has not only improved connectivity for residents and businesses but has also created jobs and stimulated economic growth in the region. It serves as a model for other rural communities seeking to bridge the digital divide and unlock the economic potential of high-speed internet. New Prosperity Devon continues to advocate for further investment in digital infrastructure to ensure that Devon remains at the forefront of technological advancement.

1. Conduct a comprehensive assessment of infrastructure needs.
2. Secure funding from both public and private sources.
3. Prioritize projects based on economic impact and community benefit.
4. Collaborate with stakeholders to ensure effective implementation.
5. Monitor progress and evaluate outcomes.

These steps outline the systematic approach New Prosperity Devon employs when addressing infrastructure development, ensuring projects are strategically aligned with the long-term economic goals of the region.

Promoting Devon as a Destination for Investment

New Prosperity Devon plays a crucial role in promoting Devon as an attractive destination for inward investment. The organization actively markets the county’s unique strengths to potential investors, highlighting its skilled workforce, thriving business community, and exceptional quality of life. It showcases the diverse range of investment opportunities available in Devon, from high-tech industries to tourism and renewable energy. New Prosperity Devon also works to streamline the investment process, providing support to businesses looking to establish or expand their operations in the region. This includes assistance with site selection, planning permissions, and access to finance. By creating a welcoming and supportive environment for investors, New Prosperity Devon is helping to drive economic growth and create new jobs across Devon.

A key element of this promotional effort involves participating in national and international trade shows and investment conferences. The organisation actively engages with potential investors, building relationships and showcasing the benefits of locating a business in Devon. They also produce marketing materials, including brochures, videos, and website content, that highlight the county’s diverse assets and opportunities. Collaboration with other regional stakeholders, such as local authorities and business associations, is essential to ensure a consistent and coordinated message. The aim is to position Devon as a leading location for investment, attracting businesses and creating a more prosperous future for the county.

Fostering a Sustainable and Inclusive Economy

Looking ahead, New Prosperity Devon is committed to fostering a sustainable and inclusive economy that benefits all residents of Devon. This involves promoting environmentally responsible practices, supporting social enterprises, and ensuring that economic growth is shared equitably across the county. The organization is actively working to reduce carbon emissions, protect natural resources, and promote the development of a circular economy. It also supports initiatives that address social inequality, such as providing access to education and training for disadvantaged groups and promoting affordable housing. The vision is to create a Devon that is not only prosperous but also resilient, equitable, and environmentally sustainable. This long-term perspective will ensure a vibrant and thriving future for generations to come.

A specific example of this commitment is the development of a regional action plan for tackling climate change. This plan outlines a series of ambitious targets for reducing carbon emissions and transitioning to a low-carbon economy. It involves collaboration with businesses, communities, and local authorities to implement practical measures, such as investing in renewable energy, improving energy efficiency, and promoting sustainable transport. New Prosperity Devon recognizes that addressing climate change is not only an environmental imperative but also an economic opportunity, creating new jobs and driving innovation in the green economy. The ongoing commitment to sustainability is central to their long-term vision for Devon.